The Future of Security Printing Substrates, Inks and Laminates to 2020

Overcapacity in the banknotes market will lead to the need for differentiation between suppliers within an increasingly commodified market.

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Product detail
Product type: Market report
Date of publication: 09 Nov 2015
Product format: Digital Copy, Hard Copy

New substrates, Durasafe, Hybrid and Polymer are competing head to head in the same banknote substrate market. The Future of Security Printing Substrates, Inks and Laminates to 2020 examines if there is room for all substrates in the market or if one will emerge as the market leader.

The global market for security substrates, inks and laminates is transforming. This evolution is being driven by the changing commercial, social and economic demands of users in key global market applications – banknotes, identity documents, fiscal documents, and brand protection documents. The Future of Security Printing Substrates, Inks and Laminates to 2020 gives in-depth analysis of these trends and the key companies heading the technology curve.

Description

Our exclusive content:

  • In-depth analysis of the main technology trends and key issues facing the security substrates, inks and laminates industries
  • Five-year industry forecasts broken down by substrate, technology, market and end-use
  • 127 tables and figures of exclusive data based on primary research

What methodology is used?

The Future of Security Printing Substrates, Inks and Laminates to 2020 is based on an extensive programme of primary and secondary research. Primary research includes interviews with technology suppliers and end-users in the four key end-use segments. This has been contextualised through conversations and correspondence with regulatory and standards bodies, independent technologists, lawmakers and investors. The Future of Security Printing Substrates, Inks and Laminates to 2020 gives a unique perspective and insight into evolving technology trends for the next five years. Secondary research is based on an extensive review of recent patents, conference proceedings, and papers published in specialist journals; as well as information drawn from Smithers Pira’s own extensive database, reports and in-house expertise.

What will you discover?

  • An in-depth examination of the current and emerging technologies that will shape the future of the security substrates, security components, and security prints and inks
  • Insight into the key market influencers for the banknote, identity document, fiscal document, and brand protection markets
  • The key drivers and trendsthat are shaping the security substrates, inks and laminates industries

Who should buy this report?

  • Security technology suppliers
  • Specialist ink suppliers
  • Paper, film and foil converters
  • Banknote substrate suppliers
  • Central banks

 

Table of Contents

Contents            

List of figures   

List of tables     

1. Executive summary

  • Overview

2. Introduction and methodology

  • Introduction
  • Glossary
    • US, Bureau of Engraving and Printing. Printer of US$.
    • Screen printing
    • Cleaner
    • Airfloat Drier
    • Bleaching
    • Aperture
    • Bivis
    • Calendar
    • Couch Roll
    • Cylinder Mould
    • Deckle
    • Drying Section
    • Foil
    • Fold Endurance
    • Formex
    • Furnish
    • Grammage
    • Gravure Print
    • Intaglio print
    • Internal Size
    • Internal tear strength
    • Letterpress Print
    • Mould Cover
    • Offset Print
    • Press Section
    • Refining
    • Screen Print
    • Security Fibre
    • Security Thread
    • Soil index
    • Stardust
    • Surface Size
    • Vat
    • Wet Strength Resin
    • Windowed thread

3. Banknotes

  • Overview
  • Technology
    • Bank Substrates
      • Cotton mould made paper
        • The cylinder mould
        • The press section
        • The pre-driers
        • The size bath
        • The airfloat drier
        • The calendar
        • Automatic monitoring and inspection
        • Reel-up32
        • Advanced Cylinder Mould Machines
        • Stock approach and Wet End
        • Automatic refining control
        • Vat fluid mechanics optimisation
        • Short former
        • Double Felted Press
        • Improved surface size application
        • Sophisticated paper monitoring equipment
      • Cotton Fourdrinier paper
      • Coated banknote papers
        • Soil Resistance – Banknote Coating
      • Synthetic fibre reinforced cotton banknote paper
        • Synthec
        • Diamone Composite
      • Incorporating Security
        • Security fibres
        • Planchettes
        • Embedded security threads
        • Windowed threads
        • Apertures
        • Foils
        • Screen Printing
      • Paper – polymer laminates
        • Luminus
        • Hybrid
        • Durasafe
      • Polymer banknote substrates
        • Tyvec
        • DuraNote
        • Guardian
        • Safeguard
    • Security Components
      • Foils
      • Security Threads
        • Colour shift threads
        • Micro optical structure threads
      • Apertures
      • Other security components
    • Security Print and Inks
      • Banknote Ink Suppliers
      • Banknote Ink Customers
      • Suppliers
      • Print technologies
      • Colour shifting inks
      • Magnetic inks
      • Luminescent ink
      • Covert inks (M etc.)
      • Ink durability
      • Ink for polymer banknotes
  • Banknote Market
    • Market organisation
      • Supply chain structure
      • Importance of Research and Development
      • Key market influences – Central banks and suppliers
    • Market Trends
      • Substrates
      • Print
      • Predicting banknote market volume
        • Regional variations
        • Central Bank Groupings
      • Banknote manufacturing costs
    • Banknote Specifications and supplier capability

4. Identity Documents

  • Passport
    • Passport Substrates
      • Fourdrinier paper
      • Mould made paper
      • Passport cover
      • Passport Data Page
      • Passport pages
    • Passport Inks
    • Passport Market
  • Identity Cards, Driving licence and other identity documents
    • Identity Substrates
      • Teslin laminate
      • PVC
      • PVC/PET
      • Fortas
    • Identity Inks

 5. Fiscal Documents

  • Share, Bond etc certificates
    • Substrate and Ink Technologies
    • Substrate and Ink Markets
  • Fiscal Stamps
    • Substrate and Ink Technologies
    • Substrate and Ink Markets

6. Brand Protection Labels

  • Substrate and Ink Technologies
  • Substrate and Ink Markets

7. Appendix 1. Banknotes

  • Calculation of Banknote Volumes in Circulation
  • Calculation of Banknote Replacement rates
  • Table of Central Banks

Tables and Figures

List of figures:

  • FIGURE 1.1 Diagram showing the family tree of the banknote substrates              
  • FIGURE 1.2 Cotton is the main ingredient of banknote paper (Source:  Giesecke & Devrient)      
  • FIGURE 1.2 Schematic diagram of a cylinder mould paper machine           
  • FIGURE 1.3 Diagram showing a cylinder mould shadow watermark embossing   
  • FIGURE 1.4 Diagram showing a cylinder mould electrotype
  • FIGURE 1.5 Diagram showing how a thread is incorporated into banknote paper               
  • FIGURE 1.6 Diagram showing a cylinder cover layout       
  • FIGURE 1.6 Diagram showing critical areas of development for cylinder mould machine 
  • FIGURE 1.7 Schematic diagram of fluid flow control in the vat     
  • FIGURE 1.8 Schematic diagram of the short former         
  • FIGURE 1.9 Schematic diagram showing the layered structure of a banknote      
  • FIGURE 1.9 Schematic diagram of the double felted press  and a thread
  • FIGURE 1.4 Schematic diagrams of Fourdrinier security paper machines
  • FIGURE 1.12 Schematic diagram showing effect of sorting criteria on note life
  • FIGURE 1.5 SEM of coated (left) and uncoated (right) banknote paper
  • FIGURE 1.6 Diagram showing paper coating process        
  • FIGURE 1.7 Picture Diamone Composite               
  • FIGURE 1.16 Schematic diagrams of security fibre applicator       
  • FIGURE 1.17 Schematic diagrams of security thread structure     
  • FIGURE 1.18 Schematic diagrams of embedded security thread insertion method            
  • FIGURE 1.19 Schematic diagram showing the way in which a windowed thread is applied to the cylinder mould
  • FIGURE 1.21 Examples of Optiks as seen in transmission on from the top and bottom side of the paper (Source: De La Rue)               
  • FIGURE 1.22 Example of Varifeye seen in reflection and transmission
  • FIGURE 1.23 Example of an Opti-Window foil seen from back and front 
  • FIGURE 1.24 Schematic diagram of the hot foil process  
  • FIGURE 1.26 Foils applied to the paper web        
  • FIGURE 1.27 A Luminus housenote         
  • FIGURE 1.27 Schematic diagram of Hybrid™ structure
  • FIGURE 1.28 Commemorative Jamaican banknote printed on Hybrid      
  • FIGURE 1.29 The Hybrid housenote        
  • FIGURE 1.25 Example of a Filligram seen in reflected and transmitted light           
  • FIGURE 1.30 Picture of a Durasafe with Irisafe Micro       
  • FIGURE 1.30 Picture of a Durasafe house note. The top left aperture comprises a circle and an oval laminated in register               
  • FIGURE 1.32 Schematic diagram of Durasafe production
  • FIGURE 1.34 Example of Durasafe - Moroccan 25 Dirham note
  • FIGURE 1.35 Examples of a Bradbury Wilkinson, Isle of Man and American Banknote company, Haiti specimin Tyvec banknote
  • FIGURE 1.9 Schematic diagram of Duranote        
  • FIGURE 1.10 Schematic diagram of Polypropylene bubble film production
  • FIGURE 1.39 A Cerutti gravure press similar to those used by both to produce Guardian and Safeguard
  • FIGURE 1.41 Schematic diagram of printed Guardian polymer
  • FIGURE 1.42 Example of a Guardian banknote. The latest Canadian $100 
  • FIGURE 1.43 Close up of the tactile feature block used on the Canadian banknotes
  • FIGURE 1.43 Schematic diagram of Polypropylene stenter line   
  • FIGURE 1.44 De La Rue Safeguard banknote       
  • FIGURE 1.45 Schematic representation of SafeGuard
  • FIGURE 1.47 Mask™, a gravure security feature, on SafeGuard®. The left hand image is viewed in transmission. Righthand image is the same image viewed in reflection
  • FIGURE 1.48 Spark Orbital, a screen printed security feature, on SafeGuard        
  • FIGURE 1.49 Spectrum™, a combined offset and intaglio feature, on SafeGuard
  • FIGURE 1.49 Tactile Emboss, a feature for the blind and partially sighted on SafeGuard
  • FIGURE 1.50 Schematic diagram of a banknote holographic foil
  • FIGURE 1.51 Close up chematic diagram of a banknote holographic foil showing embossed layer
  • FIGURE 1.52 A picture of Recolour from Kurz
  • FIGURE 1.51 Schematic diagram of a web foil applicator
  • FIGURE 1.51 Example of holographic demetalised foil stripe.
  • FIGURE 1.53 Banknote foil application
  • FIGURE 1.53 Example of holographic demetalised foil patch.
  • FIGURE 1.55 Example of holographic nano structure embossing plate
  • FIGURE 1.53 A sheet fed banknote foil applicator
  • FIGURE 1.59 Schematic diagram of a simple magnetic thread structure with demetalised image in machine direction. The structure is around 30 μm thick.               
  • FIGURE 1.60 Schematic diagram of a simple holographic magnetic thread structure with demetalised image. The structure is around 35 μm thick.       
  • FIGURE 1.61 Example of the multiple process required to make a magnetic holographic thread
  • FIGURE 1.62 Holographic film ready for slitting
  • FIGURE 1.62 Thread slitting process        
  • FIGURE 1.62 A demetalised, liquid crystal colour shift, holographic thread from De LA Rue called Kinetic StarChrome
  • FIGURE 1.62 Example of a thin film colour shift thread construction         
  • FIGURE 1.63 Example of a demetalised thin film colour shift thread from De LA Rue called StarBright
  • FIGURE 1.67 Example of a thread with micro lenticular technology combined with micro print  Motion from Crane Currency
  • FIGURE 1.67  A close up of a Motion™ thread showing the micro lense array
  • FIGURE 1.68  Diagram for the patent literature showing the construction of optical elements in Motion thread. The lenses on the surface have a diameter in the region of 10 – 20 μm         
  • FIGURE 1.69 Example of a thread with encapsulated micro lenticular technology combined with micro print  Rapid from Crane Currency
  • FIGURE 1.66 Example of a thread with micro mirror technology combined with a colour shift film called RollingStar from G&D
  • FIGURE 1.73 Two varients of RollingStar, rolling edge (top) and rolling bar (bottom) from G&D
  • FIGURE 1.73 Schematic diagram of RollingStar, taken from patent application US 8794674 B2
  • FIGURE 1.74 Example of a thread with lenticular technology combined with microscopic fine line printing called Active from De La Rue           
  • FIGURE 1.54 Schematic diagram of Banknote window feature    
  • FIGURE 1.50 Pictures of different printing press configurations  
  • FIGURE 1.50 The substrate market is part of a complex supply chain for banknotes          
  • FIGURE 1.51 R&D is the only way in which central banks can keep ahead of the counterfeiters. R&D collaborations are common
  • FIGURE 1.52 Chart showing the proportion of EP patent applications in the field of security documents and banknotes between 2005 and 2015 for all suppliers with 2% or greater share of the total. It does not include machinery of detectors
  • FIGURE 1.50 The banknote substrate market is expected to suffer over capacity several years to come
  • FIGURE 1.51 Chart from Banknote Printing at Modern Central Banking
  • FIGURE 1.52 Chart from Banknote Printing at Modern Central Banking
  • FIGURE 1.53 The number of banknotes in circulation is predominantly determined by population. 
  • FIGURE 1.54 The number of banknotes in circulation rises shows a steady growth of between 3 to 8%
  • FIGURE 1.55 The number of banknotes and replaced banknotes in circulation in Australia. Note in 2014 there were 1.3 billion notes in circulation
  • FIGURE 1.56 The value of banknotes in circulation in New Zealand
  • FIGURE 1.57 Volume of Euro banknotes in circulation     
  • FIGURE 1.58 Volume of US Dollars in circulation
  • FIGURE 1.59 US per capita GDP Trend    
  • FIGURE 1.60 Per Capita banknotes in circulation varies from country to country but increases with increasing per capita GDP.
  • FIGURE 1.61 The growth of ATM’s is expected to continue with growth rates in the region of 8% reported.         
  • FIGURE 1.62 Number of notes printed in Japan each year and Japan Per Capita GDP
  • FIGURE 1.63 List of countries and denominations listed as using Guardian
  • FIGURE 1.73 Graphs showing the proportion of banknotes made and consumed by region
  • FIGURE 1.74 Typical cost breakdown for basic and premium cotton banknote paper
  • FIGURE 1.75 Typical cost breakdown for basic and premium polymer banknote substrate
  • FIGURE 1.76 Typical cost breakdown for basic and premium printed cotton banknote paper
  • FIGURE 1.77 Typical cost breakdown for basic and premium printed polymer
  • FIGURE 1.67 Graph of proportion of banknote paper machines with different capabilities
  • FIGURE 2.1 Structure of passport cover
  • FIGURE 2.2 Structure of traditional data page     
  • FIGURE 2.3 Structure of polycarbonate data page            
  • FIGURE 2.4 Typical mould made page construction          
  • FIGURE 2.5 Passport ownership over time in different regions   
  • FIGURE 2.6 The rise of polycarbonate data pages over time        
  • FIGURE 2.7 Teslin laminate structure      
  • FIGURE 2.8 PVC card structures
  • FIGURE 2.9 PVC/PET card structures       

List of tables:

  • TABLE 0.1 Examples of identity documents         
  • TABLE 0.2 Examples of fiscal documents               
  • TABLE 0.3 Examples of brand protection documents       
  • TABLE 1.1 Table of different substrates and their key properties               
  • TABLE 1.2 Table showing the main components of the banknote substrate          
  • TABLE 1.3 Table showing the main fibre processing steps before the paper making process         
  • TABLE 1.4 Main types of security ink       
  • TABLE 1.5 Rough indication of ink volumes by print type               
  • TABLE 1.6 Banknote ink suppliers             
  • TABLE 1.7 Banknote printers
  • TABLE 1.8 Banknote component Suppliers           
  • TABLE 1.4 Table showing examples of collaborations between different organisations in the banknote supply chain        
  • TABLE 1.4 Table showing main banknote substrate producers and the theoretical capacity they represent in 2015 (note that 12000 tonnes of additional Indian capacity is yet to come on line)
  • TABLE 1.5 Table showing the countries examined to establish trends in volume, population and percapita GDP. Volume data was taken directly or extrapolated from central bank data, mostly annual reports. China data refers only to Yuan.
  • TABLE 1.6 Table showing main banknote printers             
  • TABLE 1.13 Table showing main Central bank Groups with common currencies   
  • TABLE 1.8 Table showing banknote production costs for selected central banks 
  • TABLE 1.15 Examples of % of notes by denomination     
  • TABLE 1.9 Examples of just some of the many elements in banknote specifications